British bank NatWest said Friday it had appointed the law firm Travers Smith to undertake an independent review into account closure arrangements at private bank Coutts, after a damaging row with former Brexit party leader Nigel Farage.

NatWest chairman Howard Davies said earlier on Friday political pressure prompted the shock ousting of chief executive Alison Rose, after the bank reported first-half earnings.

The bank said in a later statement that the independent review would identify lessons to be learned from the matter and potential areas for improvement, adding that it would be presented to the group board and the findings made public.

The review will consider the circumstances surrounding the closure of Farage's accounts with Coutts, the circumstances surrounding a BBC article on the matter, and review other account closures made by Coutts over the past 24 months.

Travers Smith is expected to complete the first phase of its report within 4-6 weeks, and fully complete by the end of October 2023.